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How we measure the debt

There are different ways of measuring the Government’s debts and financial position. Our calculation is based on a definition of the central government debt called the “non-consolidated central government debt”. This includes all loans which the Debt Office has taken on behalf of the Government.

Entire public sector debt: government, municipal and pension system debts.

Internal ownership

The central government debt without internal ownership

A term often used in statistics is “the consolidated central government debt”. The difference is that some government authorities own government bonds and T-bills. In the consolidated central government debt these are excluded from the calculation (since they represent internal government ownership). The government authorities owned government securities totalling around SEK 50 billion in December 2006. The consolidated central government debt was therefore SEK 50 billion less than the non-consolidated.

How the loans are valued

Central government debt is the sum of all the loans and derivatives. The valuation is made according to what is known as the nominal final value. This is the amount which the Government pays when the loan matures. For inflation-linked bonds accrued inflation compensation is included up to the time of valuation. Future inflation is not included. Debts in foreign currency are valued at current exchange rates.

The whole public sector debt

A debt measure that is often used in international comparisons is the “general government debt in relation to GDP". This includes the whole of the public sector: central government, municipalities, county councils and the pension system. The calculation rules are the same within the EU and are based on the terms of the Maastricht Treaty.